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Monetary policy, environmental sustainability and the climate emergency

In: Central Banking, Monetary Policy and the Environment

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  • Malcolm Sawyer

Abstract

The arguments for an 'independent central bank' are severely undermined when monetary policy and the climate emergency are under the spotlight. There is discussion of taxonomies for environmentally friendly ('green') investments. There is only a very limited contribution from 'green QE' to tackling the climate emergency. The potential use of forms of credit guidance and controls as part of monetary policy is then considered. The responsibilities of central banks for financial stability have implications for dealing with financial instability arising from revaluation of 'stranded assets'.

Suggested Citation

  • Malcolm Sawyer, 2022. "Monetary policy, environmental sustainability and the climate emergency," Chapters, in: Louis-Philippe Rochon & Sylvio Kappes & Guillaume Vallet (ed.), Central Banking, Monetary Policy and the Environment, chapter 2, pages 54-71, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20017_2
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    Keywords

    Economics and Finance;

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